Lactalis in front to acquire Fonterra’s Australian dairy assets after ACCC clearance
The world's largest dairy company may be in pole position to acquire Fonterra's Australian assets.
Fonterra chairman John Wilson has told shareholders the co-op delivered a strong performance for the year.
He noted the co-op achieved an EBIT of $974m and a 183% increase in net profit at $506 million.
These results importantly include the Latin American business, Dairy Partners Americas for the first time, Wilson noted.
"While the strong second half result was pleasing, the first half was disappointing with big movements in dairy prices impacting inventory valuations and product mix returns," he told about 300 shareholders at the annual meeting this week in Waitoa.
"It was frustrating to finish third out of the cooperatives, and this is unacceptable.
"The reality is the week-to-week swings in price and foreign exchange, and the way we each sell products has a big impact on year to year comparisons.
"We paid a 25c dividend, which this season reflected the higher funding costs from our investments in capacity along with our higher relative advance rate."
There's been widespread support from the primary sector for the Government's move to put the brakes on local authorities to do any more work on planning changes ahead of major changes to the Resource Management Act (RMA).
Rural health advocates say the Government's decision to establish a new medical school at the University of Waikato augurs well for the rural sector.
People affected by the recent two severe flood events in the Tasman district are weary and exhausted trying to deal with the devastation on their farms and orchards, according to the head of the Rural Support Trust (RST) in the region.
New Zealand milk production is off to a strong start, with the first month of the 2025/26 dairy season recording a whopping 17.8% jump in milk production, compared to the previous season.
With adverse weather set to rain down on the Top of the South, the Bay of Plenty and parts of Northland, Agriculture Minister Todd McClay says farmers, foresters, and growers need to prepare for possible challenges.
Keep up with innovation and e-commerce in China or risk losing market share. That was the message delivered at the China Business Summit in Auckland this month.
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